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Business & Economics, Middle East

The Tajik authorities intend to completely remove the existing limitations on the consumption of electricity. Thus, on January 4, the daily supply of electricity was increased by five hours: that is, from 5 am to 22 pm. According to the National Energy Holding
“Barki Tojik,” plans are afoot to completely abolish all the energy limits in the future.

India's crude imports from Iran fell 40 percent in the first nine months of this year as some refiners cut purchases from the sanctions-hit nation while waiting for New Delhi to back local insurers covering plants processing the oil, Reuters reported.

European reinsurers, due to Western measures targeting Iran's disputed nuclear programme, have added a clause in contracts with Indian refiners that could mean claims arising during the processing of Iranian oil would not be met.

The Oil Ministry of Iran has rejected some news published by domestic media that Chinese investors have cancelled financing $20 billion worth of petrochemical projects in Iran, the Shan News Agency reported.

Chinese investors have generally agreed to invest in Iran's petrochemical sector and there is no problem in this regard, the report said.

On Monday, the Mehr News Agency reported that Chinese investors have not met their obligations to invest $20 billion in Iran's petrochemical projects.

Turkey will take part in the development of oil fields in Afghanistan, Turkey's Energy and Natural Resources Minister Taner Yildiz said, Anadolu agency reported on Monday.

According to him, the Afghan government has approved the participation of Turkish Petroleum Company (TPAO) in the development of the country's oilfields.

Earlier, Afghan Minister of Mines and Petroleum Wahidullah Shahrani told Trend that currently, six oil and gas fields have been discovered in Afghanistan, and the work is still continuing at some of these fields.

Iran and Iraq have signed an agreement for the construction of a pipeline that will carry natural gas from Iran to feed power plants in the southern Iraqi province of Basra, PressTV reported.

Speaking at a press conference on Tuesday morning, Basra Governor Majeed al-Nasrawi stated that the pipeline project, which is expected to come on-stream by next summer, has been awarded to an Iranian company.

He further noted that the local government in Basra has even sought cooperation from Iranian companies to develop subway network in Basra, and construct railroad connecting Iran and Iraq.

The Turkish government has revised down its growth expectations for this year to 3.6 percent, a significant acceleration from last year's 2.2 percent gain but well below the 8.8 percent expansion of 2011, which was Europe's best Today`s Zaman reported.

The government earlier targeted growth of 4 percent this year.

Turkish Deputy Prime Minister Ali Babacan told reporters on Tuesday that the government is targeting 3.6 percent of growth while the growth will rise to 4 percent next year and 5 percent growth in both 2015 and 2016.

The Central Bank of Iran has reported that the growth rate of the domestic industry sector fell from 10 per cent to minus 13 per cent during the past two years ending autumn 2012. A separate report by the Majlis also indicates economic growth indices have degenerated in recent years.

On Monday September 30, many Iranian newspapers published sections of the Central Nank's report about economic indicators in the third quarter of the Iranian year 1391 (March 2012-March 2013), and called the economic situation of the country in the past two years 'amazing' and 'incredible'.